Inchcape plc, a global automotive distributor, released its Q1 2025 trading update, highlighting further progress despite market uncertainties. The companys performance met management expectations, with new vehicle volumes outperforming the underlying TIV. Group revenue decreased by 5% at a constant currency rate, attributed to mixed market momentum and challenging comparisons. The operational performance varied across regions, with improvements in the Americas, headwinds in APAC, and lower revenues in Europe & Africa. Inchcape continues to execute its strategy effectively, scaling and optimizing its business while maintaining a disciplined approach to capital allocation. The company remains well-positioned amidst market uncertainties, taking proactive actions such as conservative inventory management and sustained cost discipline. Guidance for FY 2025 remains unchanged, excluding potential tariff impacts. Inchcape expects another year of growth, with a focus on delivering >10% EPS CAGR over the medium term. The companys strong balance sheet, cash generation capabilities, and relationships with OEMs position it well for future growth and navigating market challenges.